"We are attempting to fulfill as many customer orders as possible," CPI said. "If you've had a recent session, your portraits may be available at your Sears, PictureMe or Kiddie Kandids portrait studio."

"CPI's financials have been deteriorating. Through the first three quarters of its recently completed fiscal year, the company's loss quintupled to more than $60 million, while sales fell 24% to $192.7 million.

"Meanwhile, CPI's total liabilities rose 14% to $174.8 million, and its total assets dropped 41% to $56.2 million. These are the latest numbers publicly available from the company."

"CPI revealed last month in a Securities and Exchange Commission filing it had received a fourth forbearance agreement from its lenders and that it had until Saturday to meet its loan obligations," the AP reports.